FMCG giant ITC on Friday said its standalone profit for June quarter fell 26.18 per cent year-on-year (YoY) to Rs 2,342.76 crore from Rs 3,173.94 crore in the same quarter last year.

Analysts in an ET Now poll had projected the figure at Rs 2,392.7 crore.

Revenue from operations, the company said, dipped 17.39 per cent to Rs 9,501.75 crore for the quarter compared with Rs 11,502.82 crore in the year-ago quarter.

Ebitda or operating profit for the company stood at Rs 2,646.6 crore. The margin was at 27.8 per cent, against the poll estimate of 31 per cent.

Revenue from sale of cigarettes was at Rs 3,853.79 crore while total FMCG revenue, including cigarettes, was at Rs 7,228.36 crore.

The company said the impact of Covid-19 pandemic on the carrying amounts of property, plant & equipment, intangible assets, investments, inventories, trade receivables, etc. will not be significant.

The company reduced its tax outgo by more than half. It paid Rs 785.67 crore in taxes for the June quarter against Rs 1,637.80 crore for the year ago period.

Earlier in the day, shares of the company closed down 0.47 per cent to Rs 199.70.